La Tondeña Distillers Inc is the largest alcohol distributor in the Philippines. In the (A) case, the participants are asked to analyze the performance of the company between 1992-1996. The company is apparently very successful, with high growth and high profitability. But the financial figures don’t reveal the potential risks of the business. The (B) case deals with the company in 1997 during the Asian financial crisis. The participants are asked to prepare a workout plan and to predict the future of La Tondeña’s business.